SUBSCRIBE
PROFILE

European gas reserves fall below 50% as prices exceed $620

Gas prices in Europe have surpassed $620 per 1,000 cubic meters, reaching a level not seen in two years. At the same time, underground gas reserves have dropped below 50%, with withdrawal rates among the highest ever recorded for February. ##

Share:

Comprehensive energy news coverage, updated nonstop

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

7-Day Pass

Up to 50 articles accessible for 7 days, with no automatic renewal

3 $/week*

FREE ACCOUNT

3 articles/month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 30,000 articles • 150+ analyses per week

The price of gas in Europe exceeded $620 per 1,000 cubic meters during trading on Monday, February 10, according to data from the ICE exchange in London. This is the first time since February 2023 that such a threshold has been reached, marking an increase of more than 4% in a single day. This price surge comes as European gas storage levels experience a significant decline, driven by sustained winter consumption.

A record-high gas withdrawal rate

Data from Gas Infrastructure Europe (GIE) indicates that underground gas storage levels in Europe have fallen below 50%, standing at precisely 49.99%. Since the beginning of the heating season, over 53.2 billion cubic meters have already been withdrawn, accounting for more than half of the reserves accumulated for the winter period.

Compared to previous years, the last withdrawal season ended on March 31, 2024, with a storage level of 58.44%, a record for this period. Currently, storage levels are 8.18% lower than the five-year average for this time of year. These reserves are not only lower than those recorded at the end of the last fall/winter season but also below levels observed at the end of the 2019-2020 and 2022-2023 heating seasons.

High consumption despite solid reserves

Despite the high withdrawal rate, total underground gas storage in Europe still amounts to 55.5 billion cubic meters, the fourth-highest level ever recorded for early February. However, the current rate of withdrawal remains exceptionally high, with February’s consumption ranking as the second highest on record for this month.

This combination of strong demand and declining stocks is contributing to the rise in European gas prices. The increased reliance on winter reserves and weather forecasts predicting a cold snap towards the end of the week may further support this trend.

Renewable energy and market impact

Gas price movements are also influenced by renewable energy production. In January, wind energy accounted for an average of 21% of the European Union’s electricity generation. However, this figure dropped to around 13% in early February, increasing reliance on alternative energy sources, including gas.

The interplay between energy demand, weather conditions, and underground gas storage levels remains a key factor in shaping market developments in the coming weeks.

##

  • Popular on energynews.pro
Faria Renewables acquiert deux parcs éoliens pour un total de 30,8 MW en Grèce
Clariant targeted by BP and ExxonMobil in ethylene case
Veolia and TotalEnergies sign agreement to optimise industrial resources
Nordex secures 2.2 GW in Q3 orders, up 26% year-on-year
EIB grants $250mn loan for Costa Rica’s first electric train
Rockpoint Gas Storage raises C$704mn in Canadian IPO
Rockpoint Gas Storage priced its initial public offering at C$22 per share, raising C$704mn ($515mn) through the sale of 32 million shares, with an over-allotment option expanding the transaction to 36.8 million shares.
Tailwater raises $1.1bn to strengthen Producers Midstream and support its expansion
Tailwater Capital secures $600mn in debt and $500mn in equity to recapitalise Producers Midstream II and support infrastructure development in the southern United States.
Well-filled gas reserves could save Germany €25 billion in losses
An economic study reveals that Germany’s gas storage levels could prevent up to €25 billion in economic losses during a winter supply shock.
New Fortress Energy initiates commissioning of 624 MW CELBA 2 power plant in Brazil
New Fortress Energy has initiated the initial ignition of its 624 MW CELBA 2 power plant in Brazil, starting the commissioning phase ahead of commercial operations expected later this year.
Talen Energy secures $1.2bn to acquire two natural gas power plants in the United States
Talen Energy launches $1.2bn debt financing and expands credit facilities to support strategic acquisitions of two combined-cycle natural gas power plants.
Ukraine plans to increase gas imports by 30% after Russian strikes
The Ukrainian government is preparing to raise natural gas imports by 30% to offset damage to its energy infrastructure and ensure supply continuity during the winter season.
Global natural gas power generation market to reach $122.49bn by 2030
Driven by rising electricity demand and grid flexibility needs, natural gas power generation is expected to grow at an annual rate of 4.8% through 2030.
Talen Energy raises $1.2bn to finance two gas-fired power plants in the United States
Talen Energy secures $1.2bn term financing and increases two credit facilities to support the acquisition of two natural gas power plants with a combined capacity of 2,881 MW.
Tenaz Energy acquires strategic North Sea gas assets for $339mn
Tenaz Energy finalised the purchase of stakes in the GEMS project between Dutch and German waters, aiming to boost production to 7,000 boe/d by 2026.
Sembcorp secures new 10-year contract for its Salalah power plant
Sembcorp Salalah Power & Water Company has obtained a new 10-year Power and Water Purchase Agreement from Nama Power and Water Procurement Company, ensuring operational continuity until 2037.
Eni resumes offshore drilling in Libya after five-year suspension
Eni North Africa restarts drilling operations on well C1-16/4 off the Libyan coast, suspended since 2020, aiming to complete exploration near the Bahr Es Salam gas field.
GOIL commits $50mn to expand LPG storage capacity in Ghana
GOIL is investing $50mn to expand its LPG storage capacity in response to sustained demand growth and to improve national supply security.
QatarEnergy acquires 27% stake in Egypt’s offshore North Cleopatra block
QatarEnergy continues its international expansion by acquiring 27% of the offshore North Cleopatra block from Shell, amid Egypt’s strategic push to revive gas exploration in the Eastern Mediterranean.
Wood Mackenzie: the UK can double North Sea reserves without breaching climate limits
An analysis by Wood Mackenzie shows that expanding UK oil and gas production would reduce costs and emissions while remaining within international climate targets.
Ukrainian suspected in Nord Stream sabotage faces possible extradition
Polish authorities have 40 days to decide on the extradition of a Ukrainian accused of participating in the 2022 sabotage of the Nord Stream pipelines in the Baltic Sea.
Shizuoka Gas closes tender for seven-year LNG contract starting 2027
The Japanese company has completed the first phase of a tender for five annual cargoes of liquefied natural gas over seven years starting in April 2027, amid a gradual contractual renewal process.
Baker Hughes to supply key liquefaction equipment for Port Arthur LNG Phase 2
Baker Hughes has secured a contract from Bechtel to provide gas turbines and compressors for the second phase of Sempra Infrastructure’s LNG export project in Texas.
Targa invests $1.6bn in NGL pipeline between Permian and Mont Belvieu
Targa Resources will build a 500,000 barrels-per-day pipeline in the Permian Basin to connect its assets to Mont Belvieu, strengthening its logistics network with commissioning scheduled for the third quarter of 2027.
J&F Investimentos targets EDF’s thermal plant amid Brazil’s booming energy M&A
Brazilian holding J&F Investimentos is in talks to acquire EDF’s Norte Fluminense thermal plant, valued up to BRL2bn ($374 million), as energy-related M&A activity surges across the country.
Chevron puts Colorado pipeline assets up for sale for more than $2 billion
Chevron has appointed Bank of America to manage the sale of pipeline infrastructure in the Denver-Julesburg basin, targeting a valuation of over $2 billion, according to sources familiar with the matter.

All the latest energy news, all the time

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

7 DAY PASS

Up to 50 items can be consulted for 7 days,
without automatic renewal

3$/week*

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.